Uncertainty surrounding President Trump's fluctuating trade policies has led to significant declines in the stock market, particularly affecting the tech-heavy Nasdaq and Dow Jones indices. Homebuilder shares fell sharply amid compounded fears of economic downturn, driven by escalating tariffs on Canada and Mexico. Following a 50% tariff on Canadian steel and aluminum, analysts express growing concerns of a potential trade war impacting U.S. trading partners and increasing recession risks based on consumer inflation expectations and GDP contraction predictions.
The risks of a U.S. recession starting in the coming year are uncomfortably high and rising, according to Moody’s Chief Economist Mark Zandi.
These tariffs will spark a global trade war, with U.S. trading partners imposing their own tariffs and non-tariff barriers on U.S. products, warned Zandi.
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